• 02:16
  • Thursday ,08 May 2014

Support Egypt Fund 306306 collects EGP1bn

By Daily News Egypt

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Thursday ,08 May 2014

Support Egypt Fund 306306 collects EGP1bn

The Support Egypt Fund 306306 has successfully collected around EGP 1bn, board of trustees’ member Hani Sarei El-Din told the Daily News Egypt Tuesday, adding that a “new round of fund collection will be announced by the end of June”.

The support fund was launched following the ousting of former president Mohamed Morsi on 3 July to accept donations from citizens and national and foreign entities to support Egypt. The account number 306306 refers to a series of massive protests against Morsi on 30 June leading up to his removal from power.
“We hit the ground [running] and our first 11 projects are underway,” Sarei El-Din said. “The projects will mainly focus on education, infrastructure in impoverished areas, health, and small enterprises.”
During a January conference, where the board of trustees signed an agreement of cooperation with government authorities, board member Farouk Al-Oqda said the fund gathered EGP 830m in donations. The armed forces threw EGP 300m into the pot, while businessmen gave EGP 300m and citizens donated EGP 230m, state-owned news agency MENA reported.
Al-Oqda said he expected donations to reach EGP 5bn within two years.
This brings the total amount donated in the three months following the meeting to around EGP 150m.
The board of trustees was formed in October to “independently manage the fund away from the government”, according to a government statement. Board members include TV presenter Khairy Ramadan, former Minister of Environmental Affairs Nadia Makram Ebeid, former Central Bank governor Al-Oqda, Owner of CBC satellite channel Mohamed Al-Amin,  Sarei El-Din, and a representative from the Ministry of Defence.
The board of trustees also included poet Ahmed Fouad Negm who passed away in December.